In March 2023, ICMA published a third edition of the report Asian International Bond Markets: Development and Trends, supported by the Hong Kong Monetary Authority (HKMA).
Below is the summarised data on international bond issuances in Asia used in the report.
Figure 1: Global international bond issuance - by region (deal nationality)
Figure 2: Percentage of international bonds issuances over all issuances
Figure 3: International bond issuance in Asia (deal nationality) - by main location of arrangement
Figure 4: International bond issuances in Asia (deal nationality) - listed or not
Figure 5: International bond issuance in Asia (deal nationality) - by listing location
Figure 6: International bond issuance in Asia - by deal nationality
Figure 7: International bond issuances from China (deal nationality)
Figure 8: International bond issuances from Chinese real estate issuers
Figure 9: International bond issuances from China (deal nationality) by industry
Figure 10: International bond issuances from China (deal nationality) by rating at launch
Figure 11: International bond issuances from India (deal nationality)
Figure 12: International bond issuances from India (deal nationality) by industry
Figure 13: Percentage of sustainable bond issuance over all international issuance from India
Figure 14: International bond issuance from ASEAN (deal nationality)
Figure 15: International SSA bond issuance from ASEAN (deal nationality)
Figure 16: International bond issuance from ASEAN (deal nationality) excluding SSA
Figure 17: International bond issuance from ASEAN (deal nationality) excluding SSA - by industry
Figure 18: International bond issuance from Japan (deal nationality) - by industry
Figure 19: International bond issuance from South Korea (deal nationality) - by industry
Figure 20: Debut issuance vs all international issuance in Asia (deal nationality)
Figure 21: Debut international bond isssuance in Asia - by deal nationality
Figure 22: Debut internationa issuances from China - issuer incorporation breakdown
Figure 23: Debut international bond issuance in Asia (deal nationality) by main location of arrangement
Figure 24: Debut international bond issuance in Asia (deal nationality) by listing location
Figure 25: International sustainable bond issuance in Asia - by deal nationality
Figure 29: International sustainable bond issuance in Asia (deal nationality) - by main location of arrangement
Figure 30: International sustainable bond issuance in Asia (deal nationality) - by listing location
Figure 31: International sustainable bond issuance in Asia (deal nationality) - by tenor
Figure 32: International sustainable bond issuance in Asia (deal nationality) - by industry
Figure 34: International bond issuance in Asia (deal nationality) - SEC Registered, 144A & Reg S
Figure 38: International bond issuance in Asia (deal nationality) - by currency
Figure 39: 2022 issuance by currency with average issue size
Figure 40: Interenational bond issuance in Asia (deal nationality) - by tenor
Figure 1: Global international bond issuance - by region (deal nationality)
US$ million
Year |
Asia |
Oceania |
Americas |
EMEA |
2006 |
106,764 |
|
|
|
2007 |
|
|
|
|
2008 |
|
|
|
|
2009 |
|
|
|
|
2010 |
|
|
|
|
2011 |
|
|
|
|
2012 |
|
|
|
|
2013 |
|
|
|
|
2014 |
|
|
|
|
2015 |
|
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
|
2018 |
|
|
|
|
2019 |
|
|
|
|
2020 |
|
|
|
|
2021 |
|
|
|
|
2022 |
|
|
|
|
Source: ICMA analysis using Dealogic data (January 2023)
Figure 2: Percentage of international bonds issuances over all issuances
Year |
World |
Asia |
2006 |
29.7% |
7.2% |
2007 |
35.0% |
5.6% |
2008 |
39.5% |
3.6% |
2009 |
36.6% |
4.8% |
2010 |
33.0% |
5.4% |
2011 |
32.9% |
5.9% |
2012 |
33.6% |
8.0% |
2013 |
33.7% |
9.7% |
2014 |
36.6% |
14.2% |
2015 |
37.8% |
13.0% |
2016 |
38.5% |
12.7% |
2017 |
43.0% |
18.8% |
2018 |
39.4% |
16.2% |
2019 |
38.9% |
17.3% |
2020 |
39.7% |
17.5% |
2021 |
38.6% |
17.5% |
2022 |
36.3% |
12.4% |
Source: ICMA analysis using Dealogic data (March 2023)
Figure 3: International bond issuance in Asia (deal nationality) - by main location of arrangement
US$ million
Year |
France |
Hong Kong (China) |
Japan |
Singapore |
Taiwan (China) |
United Kingdom |
United States |
Other - Asia |
Other - rest of the world |
consortium |
unknown |
2006 |
2,838 |
4,179 |
2,979 |
3,213 |
0 |
60,661 |
23,780 |
|
|
|
|
2007 |
1,541 |
3,577 |
12,774 |
1,096 |
0 |
55,172 |
|
|
|
|
|
2008 |
951 |
3,891 |
3,619 |
3,758 |
0 |
29,421 |
|
|
|
|
|
2009 |
910 |
3,428 |
1,343 |
2,847 |
0 |
52,367 |
|
|
|
|
|
2010 |
1,186 |
12,161 |
4,083 |
9,308 |
270 |
59,442 |
|
|
|
|
|
2011 |
2,509 |
21,170 |
5,035 |
9,828 |
0 |
73,840 |
|
|
|
|
|
2012 |
4,324 |
47,821 |
4,963 |
23,914 |
0 |
77,999 |
|
|
|
|
|
2013 |
3,749 |
85,142 |
4,323 |
18,977 |
1,592 |
85,673 |
|
|
|
|
|
2014 |
4,313 |
98,784 |
2,643 |
28,670 |
4,924 |
91,171 |
|
|
|
|
|
2015 |
5,549 |
75,554 |
3,181 |
24,538 |
7,491 |
65,750 |
|
|
|
|
|
2016 |
2,322 |
99,533 |
4,013 |
17,666 |
5,340 |
65,681 |
|
|
|
|
|
2017 |
5,359 |
158,902 |
4,145 |
23,471 |
9,011 |
118,952 |
|
|
|
|
|
2018 |
9,535 |
125,064 |
5,617 |
22,527 |
7,667 |
84,434 |
|
|
|
|
|
2019 |
12,385 |
203,184 |
7,452 |
26,542 |
3,538 |
78,769 |
|
|
|
|
|
2020 |
10,541 |
200,048 |
3,597 |
26,567 |
4,138 |
101,794 |
|
|
|
|
|
2021 |
14,196 |
206,807 |
3,925 |
32,134 |
4,108 |
105,253 |
|
|
|
|
|
2022 |
5,340 |
103,618 |
2,248 |
16,939 |
1,510 |
44,491 |
|
|
|
|
2,434 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 4: International bond issuances in Asia (deal nationality) - listed or not
Year |
listed at one exchange |
listed at more than 1 exchange |
unlisted |
unknown |
2006 |
73.6% |
1.7% |
24.2% |
0.5% |
2007 |
64.9% |
2.5% |
32.6% |
0.0% |
2008 |
61.3% |
0.8% |
37.6% |
0.3% |
2009 |
65.9% |
4.0% |
24.8% |
5.3% |
2010 |
64.6% |
2.5% |
18.3% |
14.6% |
2011 |
61.0% |
1.3% |
26.6% |
11.1% |
2012 |
69.3% |
1.9% |
19.2% |
9.6% |
2013 |
69.2% |
2.6% |
18.3% |
9.9% |
2014 |
74.3% |
2.2% |
14.6% |
8.9% |
2015 |
69.4% |
5.6% |
15.4% |
9.6% |
2016 |
72.2% |
8.4% |
13.7% |
5.7% |
2017 |
75.8% |
10.8% |
10.0% |
3.3% |
2018 |
73.9% |
11.5% |
11.0% |
3.6% |
2019 |
73.8% |
10.9% |
9.2% |
6.1% |
2020 |
71.5% |
11.9% |
7.3% |
9.3% |
2021 |
71.0% |
13.6% |
9.0% |
6.4% |
2022 |
70.2% |
14.7% |
10.4% |
4.7% |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 5: International bond issuance in Asia (deal nationality) - by listing location
US$ million
Year |
Hong Kong (China) |
Luxembourg |
Singapore |
United Kingdom |
Other - Asia |
Other - rest of the world |
unknown |
Unlisted |
2006 |
|
|
|
|
|
|
|
|
2007 |
|
|
|
|
|
|
|
|
2008 |
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
2011 |
|
|
|
|
|
|
|
|
2012 |
|
|
|
|
|
|
|
|
2013 |
|
|
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
2017 |
|
|
|
|
|
|
|
|
2018 |
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
2020 |
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
Source: ICMA analysis using Dealogic data (January 2023)
Figure 6: International bond issuance in Asia - by deal nationality
US$ million
Year |
Bangladesh |
Cambodia |
China |
Hong Kong (China) |
India |
Indonesia |
Japan |
Kazakhstan |
Laos |
Macao (China) |
Malaysia |
Maldives |
Mongolia |
Pakistan |
Philippines |
Singapore |
South Korea |
Sri Lanka |
Taiwan (China) |
Tajikistan |
Thailand |
Uzbekistan |
Vietnam |
2006 |
- |
- |
2,330 |
6,033 |
3,272 |
5,943 |
42,919 |
7,659 |
- |
- |
2,020 |
- |
- |
800 |
8,364 |
4,271 |
20,774 |
- |
655 |
- |
1,725 |
- |
- |
2007 |
- |
- |
3,354 |
4,449 |
9,261 |
3,958 |
33,174 |
9,679 |
- |
- |
527 |
- |
75 |
750 |
7,151 |
3,834 |
22,082 |
500 |
- |
- |
765 |
- |
188 |
2008 |
- |
- |
2,055 |
4,015 |
1,408 |
4,200 |
22,771 |
3,575 |
- |
- |
440 |
- |
- |
- |
8,035 |
2,695 |
15,020 |
- |
- |
- |
524 |
- |
- |
2009 |
- |
- |
2,243 |
11,953 |
2,340 |
8,506 |
31,429 |
2,304 |
- |
- |
5,031 |
- |
- |
- |
16,193 |
4,020 |
27,284 |
500 |
- |
- |
- |
- |
- |
2010 |
- |
- |
22,184 |
13,494 |
9,135 |
6,009 |
36,654 |
4,961 |
- |
600 |
2,639 |
- |
175 |
- |
22,805 |
6,057 |
24,875 |
1,000 |
620 |
- |
2,250 |
- |
1,000 |
2011 |
- |
- |
49,646 |
9,227 |
9,330 |
6,520 |
33,571 |
1,453 |
- |
354 |
4,210 |
- |
- |
- |
17,611 |
7,199 |
31,265 |
1,000 |
279 |
- |
2,724 |
- |
90 |
2012 |
- |
- |
61,491 |
32,163 |
10,732 |
12,821 |
48,677 |
4,284 |
- |
825 |
10,795 |
- |
2,980 |
- |
15,465 |
24,034 |
38,742 |
1,500 |
812 |
- |
5,400 |
- |
250 |
2013 |
- |
- |
104,808 |
19,306 |
15,218 |
12,298 |
68,145 |
6,101 |
144 |
1,600 |
5,457 |
- |
311 |
- |
14,361 |
14,380 |
35,384 |
1,350 |
2,521 |
- |
5,170 |
- |
827 |
2014 |
300 |
- |
180,954 |
23,827 |
19,482 |
12,094 |
69,927 |
5,540 |
403 |
750 |
4,185 |
- |
115 |
3,000 |
15,674 |
23,513 |
37,091 |
1,925 |
3,101 |
- |
3,100 |
- |
1,000 |
2015 |
- |
- |
147,129 |
12,443 |
9,074 |
15,183 |
74,539 |
4,028 |
539 |
- |
9,309 |
- |
664 |
500 |
22,246 |
17,340 |
27,495 |
2,150 |
3,479 |
- |
848 |
- |
- |
2016 |
- |
- |
152,060 |
22,913 |
10,213 |
12,770 |
85,549 |
1,000 |
626 |
1,200 |
6,524 |
- |
500 |
1,000 |
22,775 |
17,903 |
31,931 |
1,500 |
3,151 |
- |
998 |
- |
35 |
02017 |
- |
- |
249,130 |
27,080 |
19,250 |
21,118 |
122,958 |
5,569 |
421 |
1,350 |
5,752 |
250 |
1,400 |
2,500 |
31,569 |
20,909 |
35,043 |
1,500 |
3,493 |
500 |
2,286 |
- |
- |
2018 |
- |
300 |
199,644 |
12,764 |
7,333 |
21,747 |
108,474 |
5,573 |
626 |
- |
2,416 |
100 |
500 |
- |
29,054 |
30,534 |
36,276 |
2,500 |
2,719 |
- |
4,844 |
- |
- |
2019 |
- |
- |
248,058 |
31,871 |
22,075 |
16,350 |
87,095 |
1,500 |
272 |
2,600 |
6,773 |
- |
740 |
- |
30,959 |
22,398 |
33,034 |
4,575 |
1,113 |
- |
6,238 |
1,300 |
979 |
2020 |
- |
350 |
247,512 |
29,697 |
14,476 |
23,523 |
126,925 |
2,232 |
- |
1,850 |
9,355 |
- |
600 |
- |
50,033 |
20,334 |
38,144 |
- |
6,100 |
- |
5,082 |
1,348 |
80 |
2021 |
- |
200 |
225,627 |
41,564 |
21,827 |
18,799 |
148,953 |
2,292 |
106 |
2,548 |
10,430 |
500 |
1,250 |
4,000 |
41,084 |
29,353 |
52,173 |
- |
9,769 |
- |
4,711 |
1,635 |
350 |
2022 |
- |
- |
115,122 |
16,172 |
7,417 |
11,365 |
85,312 |
500 |
150 |
350 |
1,924 |
- |
- |
1,000 |
38,877 |
21,662 |
38,953 |
- |
4,775 |
- |
2,718 |
- |
100 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 7: International bond issuances from China (deal nationality)
Year |
US$ million |
2006 |
2,330 |
2007 |
3,354 |
2008 |
2,055 |
2009 |
2,243 |
2010 |
22,184 |
2011 |
49,646 |
2012 |
61,491 |
2013 |
104,808 |
2014 |
180,954 |
2015 |
147,129 |
2016 |
152,060 |
2017 |
249,130 |
2018 |
199,644 |
2019 |
248,058 |
2020 |
247,512 |
2021 |
225,627 |
2022 |
115,122 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 8: International bond issuances from Chinese real estate issuers
US$ million
|
2020 |
2021 |
2022 |
Jan |
18,587 |
16,595 |
2,407 |
Feb |
6,910 |
2,957 |
675 |
Marc |
2,383 |
3,974 |
2,079 |
Apr |
627 |
2,707 |
570 |
May |
1,617 |
7,215 |
1,083 |
Jun |
6,508 |
6,485 |
1,570 |
Jul |
7,641 |
4,609 |
6,748 |
Aug |
3,443 |
2,895 |
2,149 |
Sep |
3,660 |
4,186 |
2,892 |
Oct |
5,962 |
2,308 |
660 |
Nov |
5,734 |
1,154 |
1,067 |
Dec |
2,814 |
1,553 |
418 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 9: International bond issuances from China (deal nationality) by industry
Year |
Communication services |
Consumer discretionary |
Consumer staples |
Energy |
Financials |
Government |
Healthcare |
Holding Companies |
Industrials |
IT |
Materials |
Professional services |
Real estate |
Utilities |
2006 |
- |
- |
225 |
- |
250 |
- |
- |
- |
|
- |
- |
- |
|
- |
2007 |
- |
380 |
- |
- |
|
- |
- |
- |
- |
- |
|
- |
|
- |
2008 |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
|
- |
- |
- |
2009 |
- |
- |
- |
- |
|
|
- |
- |
- |
- |
|
- |
|
- |
2010 |
- |
404 |
- |
- |
|
|
- |
|
- |
- |
|
- |
|
|
2011 |
- |
830 |
667 |
|
|
|
- |
|
1,456 |
|
|
- |
|
|
2012 |
- |
345 |
800 |
|
|
|
- |
|
3,711 |
|
|
- |
|
|
2013 |
- |
1,285 |
2,600 |
|
|
|
- |
- |
4,456 |
|
|
- |
|
|
2014 |
1,217 |
2,742 |
292 |
|
|
|
- |
|
8,440 |
|
|
- |
|
|
2015 |
- |
1,982 |
387 |
|
|
|
- |
|
11,567 |
|
|
- |
|
|
2016 |
434 |
3,271 |
1,007 |
|
|
|
|
|
12,904 |
|
|
|
|
|
2017 |
500 |
6,234 |
3,812 |
|
|
|
|
|
12,361 |
|
|
|
|
|
2018 |
- |
3,984 |
700 |
|
|
|
- |
|
15,482 |
|
|
|
|
|
2019 |
- |
3,545 |
1,766 |
|
|
|
|
|
23,827 |
|
|
|
|
|
2020 |
1,400 |
4,861 |
5,107 |
|
|
|
- |
|
19,228 |
|
|
|
|
|
2021 |
1,200 |
5,645 |
1,360 |
|
|
|
|
|
24,102 |
|
|
|
|
|
2022 |
- |
2,042 |
365 |
|
|
|
|
|
25,045 |
|
|
|
|
|
Source: ICMA analysis using Dealogic data (January 2023)
Figure 10: International bond issuances from China (deal nationality) by rating at launch
Year |
IG |
HY |
Not rated/not available |
2006 |
|
|
|
2007 |
|
|
|
2008 |
|
|
|
2009 |
|
|
|
2010 |
|
|
|
2011 |
|
|
|
2012 |
|
|
|
2013 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2022 |
|
|
30.2% |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 11: International bond issuances from India (deal nationality)
Year |
issuance volume (US$ million) |
number of deals |
2006 |
3,272 |
18 |
2007 |
9,261 |
28 |
2008 |
1,408 |
3 |
2009 |
2,340 |
6 |
2010 |
9,135 |
20 |
2011 |
9,330 |
26 |
2012 |
10,732 |
40 |
2013 |
15,218 |
50 |
2014 |
19,482 |
53 |
2015 |
9,074 |
37 |
2016 |
10,213 |
41 |
2017 |
19,250 |
68 |
2018 |
7,333 |
24 |
2019 |
22,075 |
62 |
2020 |
14,476 |
31 |
2021 |
21,827 |
41 |
2022 |
7,417 |
26 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 12: International bond issuances from India (deal nationality) by industry
US$ million
Year |
Communication services |
Consumer discretionary |
Consumer staples |
Energy |
Financials |
Healthcare |
Industrials |
IT |
Materials |
Real estate |
Utilities |
2006 |
- |
- |
- |
449 |
2,372 |
- |
- |
- |
- |
- |
450 |
2007 |
- |
- |
- |
235 |
8,926 |
- |
- |
- |
100 |
- |
- |
2008 |
- |
- |
- |
- |
158 |
- |
- |
- |
1,250 |
- |
- |
2009 |
- |
- |
- |
- |
1,750 |
- |
- |
- |
590 |
- |
- |
2010 |
- |
- |
- |
900 |
6,735 |
- |
- |
- |
1,500 |
- |
- |
2011 |
- |
- |
- |
500 |
6,030 |
- |
- |
- |
2,300 |
- |
500 |
2012 |
- |
- |
- |
1,500 |
7,132 |
- |
100 |
- |
1,500 |
- |
500 |
2013 |
2,817 |
932 |
- |
2,100 |
6,687 |
- |
- |
200 |
1,982 |
- |
500 |
2014 |
3,123 |
1,731 |
- |
3,439 |
7,078 |
- |
93 |
300 |
2,493 |
175 |
1,050 |
2015 |
1,300 |
110 |
- |
2,749 |
3,619 |
44 |
1,051 |
- |
- |
200 |
- |
2016 |
- |
400 |
- |
1,580 |
4,536 |
500 |
523 |
300 |
500 |
- |
1,874 |
2017 |
- |
341 |
- |
2,925 |
7,141 |
- |
2,514 |
585 |
2,500 |
125 |
3,119 |
2018 |
- |
- |
- |
- |
5,195 |
- |
138 |
- |
1,600 |
- |
400 |
2019 |
750 |
300 |
- |
2,550 |
9,867 |
200 |
2,050 |
- |
1,900 |
- |
4,458 |
2020 |
250 |
300 |
500 |
- |
5,776 |
- |
1,200 |
- |
4,050 |
225 |
2,175 |
2021 |
1,750 |
425 |
- |
- |
6,639 |
- |
2,300 |
2,260 |
2,600 |
- |
5,853 |
2022 |
- |
- |
|
4,160 |
1,275 |
- |
400 |
- |
- |
- |
1,582 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 13: Percentage of sustainable bond issuance over all international issuance from India
Year |
India |
2015 |
9.4% |
2016 |
12.7% |
2017 |
19.9% |
2018 |
10.2% |
2019 |
13.7% |
2020 |
9.5% |
2021 |
40.7% |
2022 |
38.8% |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 14: International bond issuance from ASEAN (deal nationality)
US$ million
Year |
Cambodia |
Indonesia |
Laos |
Malaysia |
Philippines |
Singapore |
Thailand |
Vietnam |
2006 |
- |
5,943 |
- |
2,020 |
8,364 |
4,271 |
1,725 |
- |
2007 |
- |
3,958 |
- |
527 |
7,151 |
3,834 |
765 |
188 |
2008 |
- |
4,200 |
- |
440 |
8,035 |
2,695 |
524 |
- |
2009 |
- |
8,506 |
- |
5,031 |
16,193 |
4,020 |
- |
- |
2010 |
- |
6,009 |
- |
2,639 |
22,805 |
6,057 |
2,250 |
1,000 |
2011 |
- |
6,520 |
- |
4,210 |
17,611 |
7,199 |
2,724 |
90 |
2012 |
- |
12,821 |
- |
10,795 |
15,465 |
24,034 |
5,400 |
250 |
2013 |
- |
12,298 |
144 |
5,457 |
14,361 |
14,380 |
5,170 |
827 |
2014 |
- |
12,094 |
403 |
4,185 |
15,674 |
23,513 |
3,100 |
1,000 |
2015 |
- |
15,183 |
539 |
9,309 |
22,246 |
17,340 |
848 |
- |
2016 |
- |
12,770 |
626 |
6,524 |
22,775 |
17,903 |
998 |
35 |
2017 |
- |
21,118 |
421 |
5,752 |
31,569 |
20,909 |
2,286 |
- |
2018 |
300 |
21,747 |
626 |
2,416 |
29,054 |
30,534 |
4,844 |
- |
2019 |
- |
16,350 |
272 |
6,773 |
30,959 |
22,398 |
6,238 |
979 |
2020 |
350 |
23,523 |
- |
9,355 |
50,033 |
20,334 |
5,082 |
80 |
2021 |
200 |
18,799 |
106 |
10,430 |
41,084 |
29,353 |
4,711 |
350 |
2022 |
- |
11,365 |
150 |
1,924 |
38,877 |
21,662 |
2,718 |
100 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 15: International SSA bond issuance from ASEAN (deal nationality)
US$ million
Year |
Indonesia |
Laos |
Malaysia |
Philippines |
Singapore |
Thailand |
Vietnam |
Supranational |
2006 |
2,000 |
- |
- |
3,618 |
- |
200 |
- |
3,341 |
2007 |
1,500 |
- |
- |
1,000 |
- |
- |
- |
6,151 |
2008 |
4,200 |
- |
- |
500 |
- |
524 |
- |
7,185 |
2009 |
4,009 |
- |
- |
3,250 |
- |
- |
- |
10,243 |
2010 |
2,644 |
- |
- |
5,735 |
- |
- |
1,000 |
13,932 |
2011 |
3,500 |
- |
2,800 |
2,801 |
- |
1,332 |
- |
13,536 |
2012 |
6,014 |
- |
- |
2,250 |
- |
- |
- |
11,690 |
2013 |
5,500 |
144 |
- |
- |
- |
1,845 |
627 |
10,504 |
2014 |
6,869 |
157 |
- |
1,500 |
- |
- |
1,000 |
13,099 |
2015 |
11,672 |
539 |
1,500 |
2,000 |
1,773 |
- |
- |
17,959 |
2016 |
10,349 |
314 |
1,500 |
2,000 |
- |
- |
- |
19,975 |
2017 |
11,038 |
421 |
- |
2,000 |
- |
- |
- |
27,619 |
2018 |
9,144 |
212 |
- |
3,616 |
2,965 |
- |
- |
22,688 |
2019 |
7,328 |
150 |
1,474 |
3,551 |
2,121 |
- |
- |
23,446 |
2020 |
10,846 |
- |
- |
6,431 |
- |
632 |
- |
34,267 |
2021 |
12,224 |
- |
1,300 |
6,027 |
- |
- |
- |
31,205 |
2022 |
8,275 |
150 |
- |
4,810 |
- |
- |
- |
33,983 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 16: International bond issuance from ASEAN (deal nationality) excluding SSA
US$ million
Year |
Cambodia |
Indonesia |
Laos |
Malaysia |
Philippines |
Singapore |
Thailand |
Vietnam |
2006 |
- |
3,943 |
- |
2,020 |
1,405 |
4,271 |
1,525 |
- |
2007 |
- |
2,458 |
- |
527 |
0 |
3,834 |
765 |
188 |
2008 |
- |
- |
- |
440 |
350 |
2,695 |
- |
- |
2009 |
- |
4,498 |
- |
5,031 |
2,700 |
4,020 |
- |
- |
2010 |
- |
3,366 |
- |
2,639 |
3,138 |
6,057 |
2,250 |
- |
2011 |
- |
3,020 |
- |
1,410 |
1,375 |
7,199 |
1,292 |
90 |
2012 |
- |
6,807 |
- |
10,795 |
1,525 |
24,034 |
5,400 |
250 |
2013 |
- |
6,798 |
- |
5,457 |
3,858 |
14,380 |
3,325 |
200 |
2014 |
- |
5,225 |
246 |
4,185 |
1,075 |
23,513 |
3,100 |
- |
2015 |
- |
3,511 |
- |
7,809 |
2,287 |
15,566 |
848 |
- |
2016 |
- |
2,421 |
312 |
5,024 |
800 |
17,903 |
998 |
35 |
2017 |
- |
10,080 |
- |
5,752 |
1,950 |
20,909 |
2,286 |
- |
2018 |
300 |
12,603 |
414 |
2,416 |
2,750 |
27,569 |
4,844 |
- |
2019 |
- |
9,022 |
122 |
5,299 |
3,962 |
20,277 |
6,238 |
979 |
2020 |
350 |
12,677 |
- |
9,355 |
9,335 |
20,334 |
4,450 |
80 |
2021 |
200 |
6,575 |
106 |
9,130 |
3,852 |
29,353 |
4,711 |
350 |
2022 |
- |
3,090 |
- |
1,924 |
85 |
21,662 |
2,718 |
100 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 17: International bond issuance from ASEAN (deal nationality) excluding SSA - by industry
US$ million
Year |
Communication services |
Consumer discretionary |
Consumer staples |
Energy |
Financials |
Healthcare |
Holding Companies |
Industrials |
IT |
Materials |
Professional Services |
Real estates |
Utilities |
2006 |
1,979 |
380 |
420 |
900 |
3,567 |
- |
1,300 |
1,490 |
- |
495 |
- |
1,133 |
1,500 |
2007 |
550 |
277 |
613 |
540 |
2,529 |
- |
- |
1,911 |
- |
250 |
- |
- |
1,102 |
2008 |
- |
400 |
5 |
- |
3,080 |
- |
- |
- |
- |
- |
- |
- |
- |
2009 |
- |
1,586 |
117 |
4,500 |
2,600 |
- |
- |
629 |
500 |
1,645 |
- |
43 |
4,630 |
2010 |
1,815 |
700 |
250 |
1,158 |
7,837 |
- |
220 |
1,739 |
600 |
1,380 |
- |
1,100 |
650 |
2011 |
1,110 |
55 |
- |
2,625 |
6,376 |
- |
- |
288 |
200 |
- |
163 |
1,570 |
1,999 |
2012 |
858 |
2,646 |
1,923 |
4,998 |
25,814 |
250 |
- |
1,988 |
300 |
2,400 |
432 |
4,918 |
2,282 |
2013 |
743 |
1,199 |
1,025 |
6,766 |
14,784 |
- |
750 |
1,268 |
2,582 |
39 |
642 |
2,910 |
1,309 |
2014 |
80 |
1,841 |
920 |
4,503 |
19,208 |
341 |
- |
2,790 |
30 |
140 |
495 |
4,612 |
2,385 |
2015 |
2,080 |
433 |
309 |
5,163 |
10,550 |
118 |
- |
4,119 |
1,025 |
137 |
586 |
4,053 |
1,449 |
2016 |
1,675 |
621 |
1,001 |
78 |
15,976 |
74 |
- |
1,092 |
- |
60 |
111 |
5,194 |
1,612 |
2017 |
145 |
2,480 |
1,123 |
2,709 |
17,882 |
675 |
732 |
816 |
- |
2,649 |
583 |
6,340 |
4,844 |
2018 |
540 |
1,027 |
613 |
4,111 |
25,325 |
- |
- |
2,266 |
- |
4,646 |
559 |
5,928 |
5,882 |
2019 |
1,301 |
1,850 |
- |
3,996 |
20,354 |
165 |
400 |
2,241 |
814 |
1,152 |
110 |
5,914 |
7,601 |
2020 |
4,592 |
2,006 |
765 |
13,050 |
17,007 |
130 |
600 |
3,124 |
1,613 |
3,575 |
501 |
4,474 |
5,145 |
2021 |
2,417 |
3,181 |
1,009 |
7,649 |
27,826 |
- |
476 |
2,151 |
- |
2,435 |
889 |
4,520 |
1,723 |
2022 |
197 |
218 |
275 |
- |
17,933 |
- |
- |
3,854 |
400 |
4,390 |
- |
1,266 |
1,047 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 18: International bond issuance from Japan (deal nationality) - by industry
US$ million
Year |
Communication services |
Consumer discretionary |
Consumer staples |
Energy |
Financials |
Government |
Healthcare |
Holding Companies |
Industrials |
IT |
Materials |
Professional Services |
Real estate |
Utilities |
2006 |
2,305 |
795 |
- |
- |
36,945 |
441 |
- |
- |
1,760 |
279 |
125 |
10 |
- |
260 |
2007 |
243 |
434 |
5 |
- |
31,097 |
- |
- |
- |
639 |
121 |
192 |
- |
- |
443 |
2008 |
- |
1,610 |
31 |
- |
20,129 |
466 |
- |
- |
- |
309 |
226 |
- |
- |
- |
2009 |
- |
696 |
56 |
- |
29,891 |
- |
- |
- |
120 |
297 |
369 |
- |
- |
- |
2010 |
- |
793 |
- |
- |
34,622 |
- |
- |
- |
70 |
282 |
599 |
- |
- |
288 |
2011 |
703 |
392 |
- |
- |
31,184 |
- |
- |
- |
65 |
153 |
1,073 |
- |
- |
- |
2012 |
750 |
1,408 |
- |
- |
40,797 |
1,530 |
3,000 |
- |
95 |
180 |
917 |
- |
- |
- |
2013 |
6,306 |
765 |
500 |
- |
57,640 |
1,000 |
- |
- |
1,000 |
435 |
500 |
- |
- |
- |
2014 |
- |
1,210 |
1,000 |
- |
65,036 |
1,000 |
- |
- |
1,000 |
93 |
587 |
- |
- |
- |
2015 |
1,500 |
649 |
- |
- |
69,619 |
1,079 |
- |
- |
1,550 |
142 |
- |
- |
- |
- |
2016 |
- |
684 |
1,250 |
- |
78,963 |
1,000 |
- |
- |
3,569 |
83 |
- |
- |
- |
- |
2017 |
- |
2,398 |
2,042 |
- |
111,045 |
500 |
500 |
10 |
2,816 |
1,345 |
1,000 |
- |
500 |
801 |
2018 |
1,500 |
6,563 |
2,786 |
- |
79,070 |
600 |
13,975 |
15 |
2,117 |
964 |
525 |
- |
310 |
47 |
2019 |
- |
9,125 |
1,053 |
- |
69,382 |
1,244 |
- |
40 |
1,090 |
1,786 |
1,775 |
- |
300 |
1,300 |
2020 |
1,000 |
12,374 |
3,049 |
- |
94,278 |
2,120 |
11,039 |
60 |
1,786 |
1,137 |
82 |
- |
- |
- |
2021 |
- |
9,742 |
13,641 |
- |
112,619 |
1,250 |
500 |
- |
3,401 |
6,048 |
1,500 |
- |
- |
252 |
2022 |
439 |
3,866 |
500 |
1,300 |
73,039 |
500 |
- |
40 |
2,824 |
1,703 |
500 |
- |
300 |
300 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 19: International bond issuance from South Korea (deal nationality) - by industry
US$ million
Year |
Communication services |
Consumer discretionary |
Consumer staples |
Energy |
Financials |
Government |
Healthcare |
Holding Companies |
Industrials |
IT |
Materials |
Real estates |
Utilities |
2006 |
850 |
- |
- |
500 |
16,209 |
995 |
- |
- |
550 |
- |
870 |
- |
800 |
2007 |
600 |
716 |
- |
500 |
19,435 |
- |
- |
- |
332 |
500 |
- |
- |
|
2008 |
99 |
200 |
- |
750 |
12,014 |
- |
- |
- |
500 |
- |
651 |
- |
806 |
2009 |
- |
- |
- |
1,000 |
19,704 |
3000 |
- |
- |
700 |
- |
700 |
- |
2,181 |
2010 |
- |
500 |
- |
1,200 |
19,176 |
- |
- |
- |
633 |
250 |
1,000 |
- |
2,116 |
2011 |
424 |
1,200 |
170 |
2,009 |
22,661 |
- |
- |
- |
892 |
- |
2,031 |
- |
1,879 |
2012 |
1,371 |
1,862 |
- |
1,945 |
27,863 |
- |
- |
- |
1,854 |
100 |
- |
- |
3,746 |
2013 |
950 |
250 |
- |
2,053 |
23,815 |
1,000 |
- |
- |
1,190 |
225 |
1,241 |
- |
4,662 |
2014 |
1,124 |
300 |
145 |
2,510 |
25,154 |
2,021 |
- |
- |
1,204 |
- |
531 |
- |
4,100 |
2015 |
126 |
300 |
- |
1,260 |
22,416 |
465 |
212 |
- |
1,446 |
- |
470 |
- |
800 |
2016 |
400 |
700 |
- |
2,426 |
24,813 |
- |
- |
- |
1,301 |
- |
691 |
- |
1,600 |
2017 |
400 |
1,847 |
100 |
2,385 |
25,015 |
1,000 |
- |
- |
1,567 |
- |
425 |
- |
2,304 |
2018 |
1,245 |
361 |
18 |
2,252 |
25,503 |
1,000 |
- |
- |
1,623 |
310 |
1,020 |
217 |
2,726 |
2019 |
276 |
10 |
- |
1,396 |
21,171 |
1,500 |
- |
- |
1,629 |
523 |
3,138 |
300 |
3,090 |
2020 |
400 |
29 |
- |
1,467 |
30,350 |
1,453 |
- |
- |
1,046 |
- |
1,681 |
- |
1,718 |
2021 |
300 |
2,300 |
- |
1,200 |
38,775 |
1,312 |
- |
84 |
899 |
3,300 |
1,653 |
- |
2,350 |
2022 |
500 |
700 |
- |
1,906 |
27,578 |
- |
- |
- |
1,447 |
- |
1,725 |
300 |
4,797 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 20: Debut issuance vs all international issuance in Asia (deal nationality)
US$ million
Year |
debut |
% of debut issuance |
2006 |
9,756 |
9.1% |
2007 |
5,569 |
5.6% |
2008 |
702 |
1.1% |
2009 |
3,545 |
3.2% |
2010 |
10,937 |
7.1% |
2011 |
21,149 |
12.1% |
2012 |
20,861 |
7.7% |
2013 |
29,975 |
9.8% |
2014 |
25,652 |
6.3% |
2015 |
21,564 |
6.2% |
2016 |
23,376 |
6.3% |
2017 |
43,041 |
7.8% |
2018 |
22,486 |
4.8% |
2019 |
37,054 |
7.2% |
2020 |
23,076 |
4.0% |
2021 |
31,219 |
5.1% |
2022 |
20,778 |
6.0% |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 21: Debut international bond issuance in Asia - by deal nationality
US$ million
Year |
Cambodia |
China |
Hong Kong (China) |
India |
Indonesia |
Japan |
Kazakhstan |
Laos |
Macao (China) |
Malaysia |
Maldives |
Mongolia |
Pakistan |
Philippines |
Singapore |
South Korea |
Sri Lanka |
Taiwan (China) |
Tajikistan |
Thailand |
Uzbekistan |
Vietnam |
2006 |
- |
2,060 |
645 |
550 |
973 |
2,493 |
775 |
- |
- |
620 |
- |
- |
- |
250 |
240 |
685 |
- |
- |
- |
465 |
- |
- |
2007 |
- |
1,435 |
870 |
535 |
1,225 |
9 |
266 |
- |
- |
- |
- |
75 |
- |
- |
500 |
216 |
- |
- |
- |
250 |
- |
187 |
2008 |
- |
300 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
5 |
397 |
- |
- |
- |
- |
- |
- |
2009 |
- |
550 |
- |
190 |
315 |
520 |
100 |
- |
- |
450 |
- |
- |
- |
- |
- |
1,420 |
- |
- |
- |
- |
- |
- |
2010 |
- |
4,844 |
703 |
900 |
300 |
50 |
450 |
- |
600 |
1,250 |
- |
- |
- |
810 |
230 |
800 |
- |
- |
- |
- |
- |
- |
2011 |
- |
14,790 |
1,121 |
1,150 |
1,050 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,068 |
1,450 |
- |
239 |
- |
192 |
- |
90 |
2012 |
- |
11,738 |
1,226 |
600 |
964 |
- |
- |
- |
- |
590 |
- |
2,680 |
- |
300 |
1,648 |
53 |
- |
812 |
- |
- |
- |
250 |
2013 |
- |
11,489 |
4,027 |
3,647 |
1,633 |
2,300 |
1,100 |
50 |
- |
- |
- |
20 |
- |
300 |
2,037 |
449 |
850 |
1,872 |
- |
- |
- |
200 |
2014 |
- |
17,108 |
964 |
2,225 |
618 |
700 |
- |
246 |
- |
325 |
- |
- |
- |
- |
2,487 |
325 |
175 |
478 |
- |
- |
- |
- |
2015 |
- |
15,556 |
306 |
907 |
586 |
938 |
- |
- |
- |
100 |
- |
- |
- |
300 |
518 |
800 |
- |
1,533 |
- |
21 |
- |
- |
2016 |
- |
20,402 |
1,075 |
1,350 |
- |
- |
- |
- |
- |
88 |
- |
- |
- |
- |
425 |
- |
- |
- |
- |
- |
- |
35 |
2017 |
- |
35,353 |
615 |
2,380 |
1,096 |
350 |
- |
- |
- |
455 |
200 |
- |
- |
400 |
464 |
1,000 |
- |
120 |
500 |
109 |
- |
- |
2018 |
300 |
17,291 |
659 |
760 |
1,200 |
450 |
- |
- |
- |
- |
- |
- |
- |
600 |
408 |
746 |
- |
70 |
- |
- |
- |
- |
2019 |
- |
27,596 |
1,394 |
1,661 |
300 |
1,404 |
- |
- |
- |
300 |
- |
250 |
- |
- |
400 |
2,084 |
- |
65 |
- |
- |
1300 |
300 |
2020 |
- |
17,631 |
56 |
1,200 |
1,300 |
- |
- |
- |
- |
- |
- |
- |
- |
1,075 |
1,058 |
77 |
- |
- |
- |
- |
600 |
80 |
2021 |
- |
19,713 |
- |
3,732 |
450 |
2,175 |
95 |
- |
1,000 |
50 |
- |
- |
500 |
- |
1,105 |
1,199 |
- |
- |
- |
- |
1,000 |
200 |
2022 |
- |
17,338 |
- |
400 |
- |
1,742 |
- |
- |
- |
- |
- |
- |
- |
- |
407 |
600 |
- |
- |
- |
291 |
- |
- |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 22: Debut international issuance from China - issuer incorporation breakdown
Year |
China |
Hong Kong (China) |
Offshore jurisdiction |
Other |
2006 |
0% |
0% |
70% |
30% |
2007 |
22% |
0% |
67% |
11% |
2008 |
0% |
0% |
100% |
0% |
2009 |
0% |
0% |
100% |
0% |
2010 |
0% |
13% |
80% |
7% |
2011 |
6% |
29% |
61% |
4% |
2012 |
16% |
31% |
47% |
6% |
2013 |
6% |
28% |
59% |
6% |
2014 |
8% |
34% |
56% |
2% |
2015 |
10% |
29% |
61% |
0% |
2016 |
45% |
9% |
45% |
0% |
2017 |
34% |
14% |
52% |
0% |
2018 |
50% |
13% |
37% |
0% |
2019 |
61% |
5% |
33% |
0% |
2020 |
49% |
18% |
32% |
1% |
2021 |
56% |
12% |
31% |
1% |
2022 |
85% |
6% |
9% |
0% |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 23: Debut international bond issuance in Asia (deal nationality) - by main location of arrangement
US$ million
Year |
Hong Kong (China) |
Singapore |
United Kingdom |
United States |
Other - Asia |
Other - rest of the world |
consortium |
unknown |
2006 |
770 |
135 |
5,256 |
3,045 |
- |
350 |
200 |
- |
2007 |
200 |
- |
3,965 |
596 |
- |
508 |
300 |
- |
2008 |
300 |
5 |
- |
300 |
97 |
- |
- |
- |
2009 |
30 |
315 |
600 |
750 |
100 |
- |
1,560 |
190 |
2010 |
707 |
275 |
5,355 |
1,330 |
1,250 |
350 |
1,670 |
- |
2011 |
5,218 |
682 |
6,940 |
2,121 |
232 |
1,892 |
4,065 |
- |
2012 |
7,967 |
3,526 |
2,216 |
1,973 |
650 |
1,225 |
3,304 |
- |
2013 |
9,637 |
3,043 |
8,410 |
2,474 |
261 |
545 |
5,605 |
- |
2014 |
10,925 |
2,883 |
5,573 |
325 |
477 |
632 |
4,537 |
300 |
2015 |
9,189 |
1,590 |
4,234 |
- |
1,552 |
837 |
4,162 |
- |
2016 |
15,028 |
1,557 |
1,135 |
700 |
2,306 |
316 |
2,334 |
- |
2017 |
31,944 |
1,456 |
4,075 |
- |
1,195 |
1,000 |
3,371 |
- |
2018 |
16,695 |
1,169 |
1,900 |
- |
496 |
200 |
2,000 |
25 |
2019 |
24,713 |
1,063 |
2,992 |
2,504 |
565 |
1,181 |
3,911 |
128 |
2020 |
17,286 |
1,896 |
1,250 |
- |
395 |
150 |
2,100 |
- |
2021 |
19,537 |
1,305 |
3,382 |
2,075 |
974 |
197 |
3,750 |
- |
2022 |
17,086 |
177 |
442 |
1,530 |
492 |
300 |
700 |
51 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 24: Debut international bond issuance in Asia (deal nationality) - by listing location
US$ million
Year |
Hong Kong (China) |
Luxembourg |
Macao (China) |
Singapore |
United Kingdom |
Other - Asia |
Other - rest of the world |
unknown |
Unlisted |
2006 |
325 |
200 |
- |
7,461 |
275 |
210 |
200 |
- |
1,085 |
2007 |
- |
141 |
- |
4,220 |
125 |
- |
96 |
- |
986 |
2008 |
- |
- |
- |
300 |
- |
- |
- |
- |
402 |
2009 |
- |
- |
- |
1,135 |
- |
100 |
- |
640 |
1,670 |
2010 |
1,750 |
450 |
- |
7,960 |
- |
- |
- |
- |
777 |
2011 |
2,310 |
- |
- |
13,436 |
- |
- |
125 |
2,350 |
2,929 |
2012 |
7,686 |
- |
- |
11,331 |
- |
53 |
- |
934 |
857 |
2013 |
13,686 |
333 |
- |
12,776 |
50 |
644 |
633 |
1,418 |
434 |
2014 |
15,183 |
1,091 |
- |
7,091 |
- |
783 |
112 |
665 |
727 |
2015 |
11,446 |
- |
- |
7,148 |
- |
554 |
1,783 |
282 |
350 |
2016 |
13,190 |
- |
- |
7,043 |
- |
88 |
434 |
994 |
1,627 |
2017 |
27,245 |
500 |
- |
12,878 |
528 |
429 |
- |
536 |
925 |
2018 |
14,049 |
350 |
- |
5,384 |
557 |
270 |
- |
1,316 |
560 |
2019 |
19,272 |
- |
100 |
5,758 |
4,406 |
386 |
880 |
4,872 |
1,380 |
2020 |
13,596 |
- |
250 |
6,338 |
600 |
80 |
150 |
1,698 |
364 |
2021 |
16,619 |
33 |
1,510 |
9,358 |
1,500 |
585 |
17 |
1,272 |
325 |
2022 |
12,480 |
- |
2,754 |
2,151 |
- |
691 |
- |
1,210 |
1,492 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 25: International sustainable bond issuance in Asia - by deal nationality
US$ million
Year |
China |
Hong Kong (China) |
India |
Indonesia |
Japan |
Kazakhstan |
Malaysia |
Pakistan |
Philippines |
Singapore |
South Korea |
Taiwan (China) |
Thailand |
Uzbekistan |
Vietnam |
2014 |
- |
- |
- |
- |
316 |
- |
- |
- |
- |
- |
- |
300 |
- |
- |
- |
2015 |
1,295 |
- |
850 |
- |
841 |
- |
- |
- |
502 |
- |
- |
- |
- |
- |
- |
2016 |
4,881 |
1,100 |
1,300 |
- |
1,000 |
- |
- |
- |
1,300 |
- |
900 |
- |
- |
- |
- |
2017 |
6,727 |
238 |
3,821 |
- |
2,973 |
- |
- |
- |
1,469 |
566 |
600 |
- |
- |
- |
- |
2018 |
10,992 |
1,004 |
750 |
1,925 |
3,086 |
- |
- |
- |
1,721 |
40 |
4,178 |
- |
100 |
- |
- |
2019 |
12,258 |
1,219 |
3,028 |
1,250 |
2,460 |
79 |
- |
- |
3,943 |
102 |
9,842 |
- |
- |
- |
- |
2020 |
13,617 |
2,089 |
1,375 |
2,610 |
3,263 |
- |
- |
- |
1,440 |
830 |
11,577 |
- |
632 |
- |
- |
2021 |
40,997 |
10,393 |
8,881 |
2,141 |
12,146 |
- |
1,300 |
500 |
3,256 |
2,565 |
20,609 |
- |
111 |
- |
200 |
2022 |
34,407 |
4,173 |
2,875 |
1,500 |
12,921 |
- |
500 |
- |
3,952 |
4,069 |
15,593 |
- |
229 |
- |
- |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 29: International sustainable bond issuance in Asia (deal nationality) - by main location of arrangement
US$ million
Year |
France |
Hong Kong (China) |
Singapore |
United Kingdom |
United States |
Other |
Consortium |
Unknown |
2014 |
- |
- |
- |
316 |
- |
- |
300 |
- |
2015 |
2 |
- |
- |
691 |
1,000 |
- |
1,795 |
- |
2016 |
- |
1,350 |
- |
1,550 |
900 |
448 |
6,232 |
- |
2017 |
1,810 |
1,225 |
66 |
3,910 |
- |
391 |
8,992 |
- |
2018 |
1,255 |
7,259 |
715 |
3,726 |
699 |
1,291 |
8,851 |
- |
2019 |
2,881 |
5,969 |
1,365 |
4,912 |
3,600 |
3,369 |
12,084 |
- |
2020 |
2,573 |
7,397 |
2,440 |
7,066 |
5,150 |
1,953 |
10,856 |
- |
2021 |
2,170 |
31,529 |
4,665 |
20,751 |
12,372 |
3,987 |
27,526 |
100 |
2022 |
1,726 |
27,785 |
4,778 |
8,805 |
11,050 |
2,929 |
23,147 |
- |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 30: International sustainable bond issuance in Asia (deal nationality) - by listing location
US$ million
Year |
Hong Kong (China) |
Luxembourg |
Singapore |
United Kingdom |
Other - Asia |
Other - Rest of the world |
Unknown |
Unlisted |
2014 |
- |
- |
300 |
316 |
- |
- |
- |
- |
2015 |
300 |
500 |
1,350 |
1,336 |
- |
- |
- |
2 |
2016 |
1,325 |
4,607 |
3,200 |
900 |
- |
- |
448 |
- |
2017 |
1,803 |
5,712 |
4,228 |
1,523 |
- |
2,295 |
671 |
163 |
2018 |
6,247 |
5,081 |
7,850 |
2,085 |
630 |
1,356 |
150 |
398 |
2019 |
7,661 |
4,672 |
14,767 |
1,222 |
620 |
2,029 |
239 |
2,971 |
2020 |
6,777 |
3,927 |
16,152 |
3,400 |
776 |
3,420 |
1,450 |
1,532 |
2021 |
25,697 |
7,106 |
45,218 |
8,924 |
4,195 |
5,111 |
5,003 |
1,844 |
2022 |
24,965 |
9,592 |
27,176 |
4,893 |
2,862 |
4,491 |
164 |
6,078 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 31: International sustainable bond issuance in Asia (deal nationality) - by tenor
US$ million
Year |
1 year or less |
1-3 years |
3-5 years |
5-7 years |
7-10 years |
10-20 years |
20-30 years |
more than 30 years |
2014 |
- |
616 |
- |
- |
- |
- |
- |
- |
2015 |
- |
797 |
2,191 |
- |
500 |
- |
- |
- |
2016 |
- |
3,275 |
4,605 |
1,000 |
1,600 |
- |
- |
- |
2017 |
130 |
3,081 |
7,351 |
3,647 |
2,043 |
- |
143 |
- |
2018 |
- |
10,631 |
7,902 |
2,116 |
1,828 |
919 |
- |
400 |
2019 |
187 |
9,518 |
15,270 |
3,698 |
3,505 |
1,081 |
22 |
900 |
2020 |
839 |
10,148 |
13,978 |
3,723 |
5,606 |
1,562 |
750 |
828 |
2021 |
2,959 |
25,775 |
41,372 |
11,596 |
11,335 |
4,769 |
2,283 |
3,010 |
2022 |
1,747 |
37,772 |
26,448 |
3,533 |
6,830 |
599 |
2,323 |
1,000 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 32: International sustainable bond issuance in Asia (deal nationality) - by industry
US$ million
Year |
Communication services |
Consumer discretionary |
Consumer staples |
Financials |
Government |
Healthcare |
Holding Companies |
Industrials |
IT |
Materials |
Professional services |
Real estate |
Utilities |
2014 |
- |
- |
- |
316 |
- |
- |
- |
- |
300 |
- |
- |
- |
- |
2015 |
- |
- |
- |
3,188 |
- |
- |
- |
300 |
- |
- |
- |
- |
- |
2016 |
- |
400 |
- |
7,681 |
- |
- |
- |
600 |
- |
- |
- |
1,000 |
800 |
2017 |
- |
300 |
- |
11,867 |
- |
- |
- |
343 |
- |
- |
- |
196 |
3,689 |
2018 |
- |
- |
- |
15,255 |
1,250 |
- |
- |
1,481 |
300 |
- |
- |
1,860 |
3,650 |
2019 |
- |
- |
- |
20,597 |
2,250 |
- |
500 |
300 |
- |
2,061 |
- |
1,953 |
6,520 |
2020 |
- |
- |
- |
22,512 |
2,132 |
- |
- |
1,423 |
- |
1,056 |
213 |
3,298 |
6,170 |
2021 |
400 |
5,450 |
350 |
45,306 |
9,723 |
- |
1,656 |
5,647 |
5,568 |
2,553 |
967 |
16,595 |
8,885 |
2022 |
100 |
4,400 |
- |
44,575 |
4,853 |
500 |
- |
8,958 |
1,250 |
740 |
- |
6,269 |
8,574 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 34: International bond issuance in Asia (deal nationality) - SEC Registered, 144A & Reg S
US$ million
Year |
SEC registered |
144A |
Reg S only |
% of SEC registered [RHS] |
% of 144A [RHS] |
% of REG S only |
2006 |
14,394 |
25,817 |
49,299 |
13% |
24% |
46% |
2007 |
8,792 |
24,788 |
39,325 |
9% |
25% |
39% |
2008 |
4,435 |
17,454 |
24,706 |
7% |
27% |
38% |
2009 |
22,456 |
41,573 |
31,311 |
20% |
37% |
28% |
2010 |
27,852 |
57,296 |
38,039 |
18% |
37% |
25% |
2011 |
21,140 |
48,937 |
50,381 |
12% |
28% |
29% |
2012 |
21,514 |
83,204 |
103,742 |
8% |
31% |
38% |
2013 |
28,137 |
87,423 |
122,993 |
9% |
28% |
40% |
2014 |
34,581 |
118,481 |
170,270 |
9% |
29% |
42% |
2015 |
44,035 |
84,485 |
143,265 |
13% |
24% |
41% |
2016 |
56,100 |
72,299 |
183,388 |
15% |
19% |
49% |
2017 |
80,395 |
100,662 |
305,984 |
15% |
18% |
55% |
2018 |
62,318 |
92,981 |
237,349 |
13% |
20% |
51% |
2019 |
58,577 |
87,303 |
310,832 |
11% |
17% |
60% |
2020 |
107,242 |
115,594 |
289,806 |
19% |
20% |
50% |
2021 |
95,662 |
155,538 |
298,066 |
15% |
25% |
48% |
2022 |
72,827 |
63,122 |
155,298 |
21% |
18% |
45% |
Source: ICMA analysis using Dealogic data (February 2023)
Figure 38: International bond issuance in Asia (deal nationality) - by currency
US$ million
Year |
Australian Dollar |
British Pound Sterling |
Chinese Renminbi Yuan |
Euro |
Hong Kong Dollar |
Japanese Yen |
Singapore Dollar |
US Dollar |
Other |
2006 |
3,005 |
10,018 |
- |
17,448 |
1,717 |
8,605 |
1,717 |
60,528 |
4,272 |
2007 |
4,430 |
5,445 |
1,319 |
14,671 |
1,790 |
14,130 |
1,246 |
49,948 |
6,767 |
2008 |
3,260 |
1,359 |
1,755 |
6,355 |
1,705 |
5,159 |
3,155 |
32,720 |
9,269 |
2009 |
3,153 |
155 |
2,050 |
14,082 |
1,505 |
4,081 |
1,405 |
79,130 |
6,242 |
2010 |
7,523 |
1,858 |
6,014 |
3,896 |
2,377 |
6,001 |
2,796 |
114,353 |
9,639 |
2011 |
8,185 |
2,270 |
24,217 |
622 |
4,465 |
8,009 |
7,252 |
108,185 |
11,275 |
2012 |
9,932 |
842 |
24,453 |
3,220 |
8,508 |
6,998 |
16,420 |
190,079 |
10,519 |
2013 |
5,340 |
3,094 |
32,552 |
17,631 |
9,651 |
4,052 |
11,559 |
214,934 |
8,567 |
2014 |
5,873 |
5,032 |
56,030 |
17,824 |
11,194 |
3,785 |
14,774 |
284,323 |
7,147 |
2015 |
3,249 |
2,678 |
25,349 |
27,313 |
8,932 |
2,662 |
13,109 |
260,640 |
3,030 |
2016 |
3,961 |
1,508 |
17,846 |
21,609 |
11,623 |
2,732 |
9,895 |
299,311 |
4,164 |
2017 |
7,029 |
4,538 |
6,606 |
36,516 |
7,728 |
2,776 |
12,882 |
466,049 |
7,953 |
2018 |
4,628 |
7,955 |
14,740 |
50,257 |
8,919 |
5,789 |
13,960 |
348,716 |
10,440 |
2019 |
4,873 |
7,272 |
7,132 |
42,363 |
7,753 |
6,598 |
13,196 |
421,771 |
6,972 |
2020 |
4,347 |
7,700 |
7,701 |
46,902 |
8,494 |
2,647 |
10,239 |
482,258 |
7,353 |
2021 |
3,384 |
8,319 |
13,954 |
59,530 |
9,134 |
2,576 |
14,793 |
495,955 |
9,525 |
2022 |
4,196 |
5,857 |
17,159 |
27,504 |
9,431 |
2,687 |
10,489 |
262,011 |
7,062 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 39: 2022 issuance by currency with average issue size
Currency |
Total issuance in 2022 (US$ million) |
% issuance in 2022 |
Average issue size in 2022 (US$ million) |
USD |
262,011 |
75.6% |
360 |
EUR |
27,504 |
7.9% |
306 |
RMB |
17,159 |
5.0% |
109 |
SGD |
10,489 |
3.0% |
250 |
HKD |
9,431 |
2.7% |
94 |
GBP |
5,857 |
1.7% |
225 |
AUD |
4,196 |
1.2% |
168 |
JPY |
2,687 |
0.8% |
67 |
Other |
7,062 |
2.0% |
88 |
Source: ICMA analysis using Dealogic data (January 2023)
Figure 40: International bond issuance in Asia (deal nationality) - by tenor
US$ million
Year |
1 year or less |
1-3 years |
3-5 years |
5-7 years |
7-10 years |
10-20 years |
20-30 years |
More than 30 years |
2006 |
2,229 |
10,770 |
25,890 |
9,618 |
25,582 |
10,179 |
6,368 |
16,129 |
2007 |
3,490 |
21,841 |
26,299 |
5,871 |
23,951 |
6,578 |
4,157 |
7,558 |
2008 |
3,526 |
18,797 |
19,658 |
3,352 |
8,150 |
838 |
3,294 |
7,122 |
2009 |
3,201 |
24,530 |
33,434 |
18,005 |
20,998 |
6,786 |
2,744 |
2,106 |
2010 |
3,828 |
24,004 |
48,913 |
25,969 |
32,328 |
12,146 |
3,160 |
4,110 |
2011 |
14,880 |
36,909 |
52,054 |
23,474 |
31,329 |
6,467 |
4,931 |
4,435 |
2012 |
19,934 |
43,484 |
87,032 |
27,864 |
55,273 |
14,365 |
15,097 |
7,923 |
2013 |
35,439 |
53,551 |
105,021 |
32,083 |
51,054 |
9,888 |
8,658 |
11,686 |
2014 |
41,864 |
99,148 |
113,767 |
35,673 |
67,559 |
12,062 |
13,921 |
21,988 |
2015 |
31,417 |
79,054 |
95,326 |
25,178 |
68,591 |
11,151 |
19,827 |
16,420 |
2016 |
22,735 |
102,463 |
114,585 |
19,021 |
67,648 |
11,963 |
12,006 |
22,229 |
2017 |
20,146 |
140,608 |
169,284 |
47,882 |
86,099 |
12,616 |
18,291 |
57,151 |
2018 |
18,947 |
164,197 |
137,975 |
33,223 |
62,216 |
13,747 |
13,321 |
21,777 |
2019 |
12,343 |
172,363 |
166,319 |
28,508 |
78,960 |
20,352 |
9,545 |
29,542 |
2020 |
16,086 |
152,607 |
166,193 |
43,301 |
102,061 |
27,739 |
21,769 |
47,858 |
2021 |
24,424 |
156,674 |
181,074 |
67,972 |
84,226 |
36,530 |
18,850 |
47,422 |
2022 |
13,399 |
149,099 |
94,843 |
25,067 |
35,461 |
12,594 |
9,579 |
6,356 |
Source: ICMA analysis using Dealogic data (January 2023)